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During 2021, a company sells 160 units of inventory for $55 each. The company has the following inventory purchase transactions for 2021: Date Transaction Number
During 2021, a company sells 160 units of inventory for $55 each. The company has the following inventory purchase transactions for 2021:
Date | Transaction | Number of Units | Unit Cost | Total Cost | |||||||||
Jan. | 1 | Beginning inventory | 58 | $ | 40 | $ | 2,320 | ||||||
May | 5 | Purchase | 107 | 39 | 4,173 | ||||||||
Nov. | 3 | Purchase | 75 | 38 | 2,850 | ||||||||
240 | $ | 9,343 | |||||||||||
Actual sales by the company include its entire beginning inventory, 87 units of inventory from the May 5 purchase, and 15 units from the November 3 purchase.
Calculate cost of goods sold and ending inventory for 2021 assuming the company uses specific identification.
Cost of goods sold:
Ending inventory:
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